Making contributions

There are lots of easy ways to contribute to your super. Find out which suits you best.

Voluntary contributions

Your employer contributions alone may not be enough to reach your retirement savings goal, so it may be a good idea to top up your super with some voluntary contributions.

Voluntary contributions are any payments in addition to your compulsory member contributions. There are two ways you can make voluntary contributions and help to build a bigger super benefit:

1. Regular member contributions deducted from your pay
2. Lump sum contributions

Once you make a voluntary contribution, it's locked in, or 'preserved' in the superannuation system until your retire, so make sure you can afford it.

Deducting regular voluntary contributions from your pay

You can make regular voluntary contributions from your pay either after income tax has been deducted from your pay, or, if your employer allows it, before tax has been deducted – this is known as salary sacrifice (contact your employer if you are interested).

To start or stop making regular voluntary contributions from your pay, or to change the amount, just complete the Regular voluntary contribution election form and give it to your Superannuation Officer or your employer's Payroll Officer.

Making lump sum contributions

You can make lump sum contributions by BPAY® or cheque.

BPAY

There are no forms to fill out – you just transfer your contribution directly into your UniSuper account using phone or internet banking. All you need are the following details:

*If your Membership Number starts with 137, 138 or 139 you may need to use a unique BPAY Customer Reference Number.

Cheque

1. Download, print and complete the Lump Sum Contribution form
2. Make out a cheque to UniSuper Limited – please write your UniSuper membership number on the reverse side.
3. Mail your form and cheque to:
   UniSuper
   Level 37/385 Bourke Street
   Melbourne Vic 3000

UniSuper does not accept cash payments.

Tax and limits on voluntary contributions

The government has set limits on the amount you can contribute to your super each year at a reduced tax rate. If your contributions exceed this limit, you may have to pay extra tax on the excess contributions.

Personal before-tax contributions (salary sacrifice)

Generally, you'll only be taxed at 15% for the first $50,000 of before-tax contributions to your super fund every year. This includes both salary sacrifice contributions as well as compulsory employer contributions.

But any before-tax contributions received above this $50,000 cap will be taxed at the highest marginal rate of 46.5% including the Medicare levy.

The good news is, until 30 June 2012, there are transitional arrangements that allow anyone aged 50 or over to make up to $100,000 of before-tax contributions at the concessional tax rate of 15%. So if you turn 50 during this period, you'll benefit from the higher cap.

If you're a Defined Benefit Division member, Notational Tax Contributions apply. Login to MemberOnline for more details.

Personal after-tax contributions

You can make up to $150,000 of personal after-tax contributions to your super fund every year.

• If you are aged under 65 this can be averaged over a three year period. So you can contribute up to $450,000 over three years, rather than a maximum of $150,000 a year.
• If you are aged over 65 you will need to satisfy the work test* to make contributions. And, unfortunately, your contributions cannot be averaged out over three years.

Any after-tax contributions above these caps will be taxed at the highest marginal rate of 46.5% including the Medicare levy.

* The Work Test: You must have worked for at least 40 hours in a period of not more than 30 consecutive days in the financial year in which any superannuation contributions are made.

Providing your tax file number

It's important to give UniSuper your tax file number (TFN). If you don't, you could end up paying more tax than you need to on your super contributions. And, over time, this could make a big difference to your retirement savings.

What's more, if you have not provided your TFN, UniSuper will be unable to accept some voluntary member contributions and there could be difficulties in finding, combining or paying your superannuation (including the super co-contribution).

It's easy to provide your TFN.

Just login to MemberOnline or complete a Tax file number collection form.